During the past couple of years, a massive number of forex robots were launched, leaving forex traders confused and looking for the answer - which forex bot will just simply bring in money and not get losses.
The robots' powerful graphics, sales letters and stories make each robot look like its the best thing that ever materialized to this world and will make thousands of traders wealthy. However, not all robots are created equal. In fact, some are good but the majority does not work and in fact can easily loose the whole account.
Before picking a forex expert advisor, there are several points that must be taken into consideration to pick up the right EA and eliminate lemons.
It is vitally important to read the sales letter and look for answers to the following topics :
(1) Who is the maker of the robot ? Is it a well known group in the forex market, a forex trader or just a computer programmer. If there is no authentic forex trader behind it, usually this robot will not have the right strategy, as programmers require the collaboration of forex professionals to build in the right programs.
(2) What is the robot's strategy ? Is it a scalping automatic robot or swing trading robot ? What are the technologies that it incorporates ? What type of algorithms are embedded ?
(3) What pairs does the robot specialize in ? Is it one pair or several pair robot ? The good point of a single pair robot is that it can have easier strategies and more powerful algorithms for trading a single pair, than a multiple pair robot. However, more traders who are ready to partake in multiple pair traders can use the multi pair robot.
(4) What are the robot's results ? Looking at live information, how does the robot software perform. If you are only given old backtest results, you should question the authenticity of the forex trading robot. There is no 100% wins in Forex, however, you should appear if the capabilities is making money rather than losses. It is important to look for stability in winning rate over time.
(5) Additional functions that are important are strict money management rules and broker stealth mode, to avoid losses.
(6) Available documentation and easy installation - Does the robot comes with user manual or videos ? Is it effortless to install ? Afterall, most Forex traders are not computer scientists. They want to start trading and not mess around with a program's set up process complexities.
(7) Available support service and money back guarantee. Look if the sellers mention support, as for some EAs no support is given and you should keep away from those. Also the majority of robots come with a 60 day cash back guarantee. Ensure that that this is clearly mentioned. In this case, if you are not happy with your the robot, you can return it within the 60 day term and receive 100% of your money back.
Once you get acceptable answers to all the matters above, chances are that the robot looks promising. However, the currency markets highly fluctuates and countless robots operate better at different market cycles. Therefore, it is strongly suggested to have two or three forex robots, including a safe trading robot, such as Forex Bullet Proof . Robots with with different methods, should be used according to the different market cycles.
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